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North American Palladium Ltd

Wednesday, November 28th, 2007

North American Palladium Ltd. has filed a preliminary prospectus supplement with Canadian and U.S. securities regulators relating to a proposed marketed unit offering of $100-million (U.S.), each unit to comprise one common share and one-half of a common share purchase warrant of North American Palladium.
The company plans to use the net proceeds received from the offering to finance the growth and development of its operations and, in particular, to advance its three main projects: the offset high-grade zone at the Lac des Iles mine in Ontario, the Shebandowan west project, located approximately 100 kilometres from the mine, and the arctic platinum project in Finland.
The company will be offering the units under an existing shelf prospectus which is filed in Canada and under the multijurisdictional disclosure system in the United States. Merrill Lynch & Co. is acting as lead underwriter and bookrunner for the offering. The underwriting syndicate also includes BMO Capital Markets, HSBC Securities (Canada) Inc. and UBS Securities. The underwriters will have the option to purchase up to an additional 15 per cent of the units issued to cover overallotments.

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